Digital lending startup FlexiLoans has raised Rs 45 crore from multiple financial institutions in a debt funding round.
The Mumbai-based fintech firm plans to use the funds to expand its loans and supply chain financing segment as well as to scale up its operations, reported ET.
Incorporated in 2015 by Abhishek Kothari, Deepak Jain, Munish Lunia and Ritesh Jain, Flexiloans is a digital lending platform that provides quick, fast and transparent funding access to millions of deserving small businesses. The fintech company launched operations in April 2016 with Uber and Shopclues as partners to reach out to their target customers.
The firm uses multiple sources of data to score an applicant, most of which are non-traditional credit scoring parameters. This proprietary credit engine and ability to dispense the loan decisions within 48 hours is what distinguishes FlexiLoans from traditional credit lending organisations.
FlexiLoans has partnered with all major e-commerce players in India like Amazon, Flipkart, Snapdeal, Shopclues, Jabong, Voonik, etc, and went live with a brand new offering: loans against POS transactions, which caused a major spike in volumes.
According to the company, its mobile app gets over 4000+ applications per month largely from tier two to four cities in India. With an average ticket size of Rs 5 lakh, across more than 175 cities, the firm aims to turn to 500 soon, while reducing the processing to less than 24 hours.
In October 2016, FlexiLoans received Rs 100 crore equity from Sanjay Nayar, chief executive at PE firm KKR, along with other veterans of the investment and banking industry such as Vikram Sud, Anil Jaggia, Narayan Seshadri in their personal capacity.